The announcement was made at the start of a conference call by Euro Stars A-rated manager Tim Stevenson, who acknowledged a shake-up in managers at the firm over Christmas.

Announcing the departures, Stevenson said: ‘I am very sorry to announce that Bill Stormont’s position was put at risk at the end of last year and Bill has left the company subsequently and Paul Casson as well.’

‘Right the way across the board in the investment industry and in Henderson, there is quite a lot of cost-cutting forced onto us. Unfortunately, Bill’s position was put at risk.’

There is no further information on the destination of the departing managers. However, a spokesperson for Henderson confirmed the changes came into effect on January 3 of this year.

The Henderson HF Pan European Equity fund has returned 36.83% in the three years to the end of November 2012. This compares to its Citywire benchmark, the FTSE World Europe TR EUR, which rose 26.92% over the same period.

Meanwhile, the Henderson HF Pan European Alpha fund has returned 16.92% in the past three years. This compares to the average manager in the Citywire Alternative Ucits Long/Short Equity sector returned 15.51% over the same period.

A fund selector invested with Henderson, who wished to remain anonymous, told Citywire Global: ‘The key positions on that team are Stevenson and Bennett. They are the key managers who dictate most of the investments and strategies.’

‘I would be concerned if one of those two was leaving but I believe the team is strong enough and well enough supported to allow for Stevenson and Bennett to run these strategies.’

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